Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

Africa’s commodity exports declined by 5.6% between 2021 and 2023, largely due to falling oil prices and reduced export volumes from key producers such as Algeria, Angola, and Nigeria. According to the United Nations Trade and Development (UNCTAD) report, “The State of Commodity Dependence 2025”, the continent’s commodity exports were severely impacted by a 20% drop in average oil prices.

For further information, read more details here

The report highlights that commodity dependence remains a significant concern for developing economies. “Commodity dependence continues to be a significant concern for developing economies,” UNCTAD stated. Between 2021 and 2023, 95 out of 143 developing countries remained heavily reliant on commodity exports, including over 80% of the world’s least developed countries

Global commodity exports account for about one-third of international trade, but their share has decreased slightly over the past decade. According to UNCTAD, the value of global merchandise trade expanded by 25.6% between 2012 and 2014 and 2021 and 2023, while commodity exports grew relatively slowly at 15.5%.

Energy products remain the largest component of global commodity exports, accounting for 44.5% of total trade in the sector between 2021 and 2023. However, this marks a decline from 52.1% a decade earlier, reflecting weakening oil prices and evolving global energy demands.

How Agricultural Education is Preparing Students for a Changing World

Agricultural exports rose by 34% to nearly $2.3 trillion, with food products accounting for nearly 90% of the total value. Mining products, such as minerals, ores, and metals, contributed 23% of world commodity exports during 2021-2023, averaging an annual value of $1.65 trillion, up 33.4% from a decade ago

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post